OMCs gain as US-China trade war fears weigh on oil prices
09 July, 2018, 23:45 | Author: Regina Silva
Looming over the oil markets is the trade dispute between the U.S. and China, the world's two biggest economies.
Oil prices were mixed on Monday, with global prices boosted by ongoing supply issues in Libya, while signs of rising output in the US weighed on West Texas Intermediate crude.
Oil benchmarks went in different directions again on Friday afternoon, with WTI trading up and Brent trading down as fears of the escalating U.S.
The Taiwan Futures Exchange (TAIFEX) has launched its first energy futures contract - Brent Crude Oil Futures.
China says it will immediately retaliate, and U.S. President Trump said on Thursday he may ultimately impose tariffs on more than a half-trillion dollars worth of Chinese goods.
But by 5.28am GMT, US West Texas Intermediate (WTI) crude futures were up 13c or 0.2% from their last settlement at $$73.07 a barrel.
According to the latest estimates, American crude shipments to China are around 400,000 barrels per day (bpd), worth $1 billion a month at current prices.
"The Chinese have to do the tit-for-tat, they have to retaliate", said John Driscoll, director of consultancy JTD Energy, adding that cutting US crude imports was a means "of retaliating (against) the U.S.in a very substantial way".
The tradition of royal christenings
Guests will be served slices of christening cake, which is a tier taken from the Duke and Duchess of Cambridge's wedding cake. The Lily Font is a silver baptismal font which was made in 1840 and has been a fixture at royal christenings since then.
US markets also garnered support from a government employment report showing better-than-expected growth in jobs. "We will switch to either Middle East or West African supplies", he said.
OPEC and its allies agreed earlier this month to a modest increase in output to dampen the oil price rally, which hit a 3-1/2 year high.
-China trade dispute, most traders agree that yesterday's government report is exerting the most pressure on the market.
Import duties would make US oil uncompetitive in China, forcing its refiners to seek alternative supplies in a tight market.
Energy consultancy FGE on Friday issued a stark warning of looming supply shortages due to USA sanctions against Iran, and because of disruptions elsewhere. By some estimates, about 1.7 to 2 million bpd of crude and condensate would be cut out of markets once the sanctions are implemented.
United States investment bank Jefferies said on Friday it expected a decline in Iranian exports "well in excess" of 1-million barrels a day due to the U.S. sanctions.
"If the Saudis and others replace the losses from Iran, there will be basically no spare capacity left", Societe Generale analyst Michael Wittner said.
In addition to reducing the price of its August barrels, Saudi Arabia also told the Organization of the Petroleum Exporting Countries (OPEC) that it increased production by nearly 500,000 barrels per day last month.
The students also recorded a video of the act and threatened her to make it viral if she reported the matter to anyone, he said. Soon after, other accused students also joined in along with the principal and two other teachers after the video was shared.
I've spoken to a lot of people about the club and heard nothing but good things", he said. "It's good to get through the door". He feels the addition of Johnstone is the first part of the process in getting West Brom back to the Premier League.
After contributing to England's victory against Sweden, Southgate's charges now take on Croatia for a spot in the World Cup final. For the first time in 28 years, the Three Lions will contest a World Cup semi-final on Wednesday.
In addition to the balancing of the subreddit user universe, new subreddits have popped up for those unlucky souls who get banned. Although Season 2 was aired after Infinity War hit theaters, it makes no reference to the events of the movie.
In an interview with the BBC's political editor Laura Kuenssberg, Mr Davis said Mr Raab would be "very effective" in the post. On Friday, Davis and the rest of May's fractious Cabinet finally agreed on a plan for future trade ties with the EU.
The stakes are enormous, and advocacy groups that don't have to unveil their donors are spending heavily to shape the fight. Some activists are calling for Democrats to adopt a scorched earth policy and block the confirmation process at all costs.
But if some critics of France have been silenced by superb performances, it had been a different story in Belgium until recently. A compelling cast of players, two attacking teams propelled by great pace and a clash between neighbours to boot.
China's tariffs on U.S. goods came into effect immediately afterward, a spokesman for the Chinese Foreign Ministry said Friday. The reality is that trade wars are damaging to everyone, not just the participants, and no one will "win".
Strzok didn't immediately respond to requests for comment. "Simply accepting the denial of Mr. Rosenstein, the Trump appointee who is overseeing Mueller's investigation.
West Ham Confirm The Signing Of Jack Wilshere
Corinthians have confirmed the sale of Balbuena to West Ham and the Paraguay centre back will have a medical. The 26-year-old England player's contract with the Gunners expired at the end of June.
Deal Alert: Get 4 months of Amazon Music for only $0.99
The company ruffled feathers earlier this year when it upped the annual price of a Prime membership from $99 to $119. A large part of Amazon India's ambitions to increase the number of members is focused on tier-2 markets.
Hartley takes on new power unit elements for British GP
The primary talking point of the session came just 14 minutes in when Hartley went off heavily into the barriers at Brooklands. The front wheel of his Toro Rosso auto skewed vertically and Hartley lost control of the vehicle .